The Brief:
Koala lodges its prospectus for a $68m IPO at $3.40 per share, implying a $305m market cap.
Gilbert + Tobin is Koala’s legal adviser, with Barrenjoey and Morgans acting as JLMs and Highbury Partnership as financial adviser.
Nine months after pulling the pin on its first ASX float, online furniture retailer Koala is back.
The company lodged its prospectus on 13 March 2026, targeting a $68m raise at $3.40 per share. It’s a scaled-back attempt after its original plans sought up to $100m at a $400m valuation. The revised float values Koala at $305m.
It's still the biggest IPO to list on the ASX so far this year.
The float
Koala was founded in 2015 by childhood friends Dany Milham and Mitch Taylor with less than $2,000. It started as a mattress-in-a-box disruptor, and has since grown into a direct-to-consumer furniture business operating across Australia, Japan, the US and the UK.
Koala's planned listing date is 31 March 2026.
The offer comprises $20m in new shares and a $48.1m sell-down by existing shareholders.
On listing, the register breaks down as follows:
Perennial Partners — largest shareholder at 22.7%
Dany Milham — 20.7%, not selling a single share into the IPO
Mitch Taylor — 16.3%, cashing out ~$12m but otherwise retaining his stake
Alium Capital Management — 5%, with no lock-up restrictions post-listing
Together, Milham and Taylor hold a combined $117m stake in the listed entity.
And Koala will stay tightly held post-listing, with around 75% of all shares on issue at completion subject to voluntary escrow arrangements.
The context
Koala's first IPO attempt was derailed in June 2025 when US-China trade tensions threatened its US expansion.
Its second run hasn’t been much easier — markets have been rocked by AI volatility and oil price shocks.
Milham isn't blinking.
“While there's a lot going on in the world, and fluctuations, a business like ours isn't impacted by AI,” he said. “We've run our business like a public business for the last couple of years.”
Who’s acting
Gilbert + Tobin advised Koala on the preparation and lodgement of its prospectus and the broader listing process.
The mandate continues G+T’s run as the go-to IPO adviser on the ASX after acting on the $2.3bn Virgin Australia IPO in 2025.
The G+T team is again led by Adam D'Andreti and Lucy Hall, supported by Catherine Wei and Laura Worrad across disclosure, governance, structuring and regulatory matters.
G+T has banked $500,000 in fees in connection with the IPO so far.
Barrenjoey is acting as sole underwriter and joint lead manager. Morgans is co-lead manager. Highbury Partnership is financial adviser.
What they said
Adam D’Andreti, Gilbert + Tobin said:
“The lodgement of the prospectus and successful IPO pricing is not only a massive milestone for Koala but a remarkable achievement given the heightened volatility in global capital markets at present. Koala has evolved from a category disruptor into a scaled, international business with a clear growth agenda. This step signals real confidence in its operating model and in the appetite for high-quality consumer brands entering public markets.”
Source: Koala, Gilbert+Tobin, Capital Brief